Membership of the Isle of Man Financial Services Authority

The Transfer of Functions (Isle of Man Financial Services Authority) Order 2015 (“the Order”) states that the Authority shall consist of not less than 7 members appointed by Treasury, subject to the approval of Tynwald. The Order goes on to state that the Chief Executive of the Authority shall also be a member.

The Treasury has appointed the following persons to be members of the Authority:

Lillian Boyle (Chair)

Lillian was previously a Member of the Isle of Man Insurance and Pensions Authority, having been appointed in April 2012.  She was appointed Deputy Chair of the Financial Services Authority in November 2015 and Chair in June 2018.  She is a lawyer, a Chartered Fellow of the Securities & Investment Institute, a Fellow of the Chartered Insurance Institute (CII) and a Chartered Insurer, as well as a Trust & Estate Practitioner.

Having been Managing Director and Chairman of Isle of Man based International Life Companies Lillian has held various non-executive roles in the investment and trust sectors on the Island as well as in UK life assurance. She has been a member of the UK Financial Reporting Council’s Conduct Committee being particularly involved in the oversight of Audit Quality Review work and has also been Chairman of several Audit & Risk Committees as well as local professional and educational bodies.

She is a former UK President of the CII and currently sits on professional standards and ethics committees and is a Trustee Director of a UK based charity.   

Karen Badgerow (Chief Executive)

Karen was appointed to the position of Chief Executive in November 2015. Prior to this she served over 30 years with the Canadian government in senior roles in financial services regulation. Most recently she was Senior Vice-President with the Canada Deposit Insurance Corporation heading up their Insurance and Risk Assessment Division. Before joining CDIC, Karen spent over 25 years with the federal banking and insurance regulator, the Office of the Superintendent of Financial Institutions, and was responsible in her last position for oversight of the federal banking sector. She also represented Canada on a number of international committees including the Senior Supervisors Group and the FSB's Supervisory Intensity and Effectiveness Committee. Karen holds a Bachelor’s degree and a Master’s degree in Public Administration from Carleton University in Ottawa, Canada.

Juan Clarke (Deputy Chair)

Juan was appointed in March 2016. Prior to this he was Managing Director of the Clerical Medical International (CMI) Group of Companies, part of the Lloyds Banking Group comprising trust, fund management and venture capital investment companies and Scottish Widows offshore insurance arm, CMI Insurance Company Limited.  He has over 30 years’ experience since starting his career with Barclaytrust in 1982 and at CMI worked in various senior roles specialising in insurance, investments and fund management. Juan currently holds non-executive director positions in the Isle of Man and Luxembourg and is a Chartered Fellow of the Chartered Institute for Securities and Investment and holds Chartered Wealth Manager status with the Institute.

Kevin Garland (Member)

Kevin was appointed in February 2020.

Immediately prior to joining the Authority, Kevin was Chief Information Officer and part of the Senior Leadership team of the Central Bank of Ireland. He had overall responsibility for IT, during his tenure he authored the Bank’s data strategy which led to significant investment in information security, regulatory and statistical data management, and the introduction of a comprehensive document management system and framework.

Prior to the Central Bank, Kevin was CIO in Aviva where he reported to the Group CEO of Ireland and had overall responsibility for IT in Aviva’s Life and Pensions, General Insurance and Health Insurance and was a member of the senior management team. His responsibilities covered IT change portfolio management, application development, testing, IT operations, infrastructure and communications, business protection and sales distribution and operations technology support.

Prior to joining Aviva, Kevin was with Irish Life Assurance for 20+ years.  During this time, he was Head of IT for Irish Life UK and Executive Team member for the establishment of Irish Life International.

Peter Hahn (Member)

Pete was appointed in February 2020.

Pete is a member of the governing council of The Association of Corporate Treasurers.  He retired as Dean and Professor of Banking at The London Institute of Banking & Finance in 2020 having previously taught at Cass Business School.  Pete was Senior Advisor to Bank of England Prudential Regulatory Authority (and its predecessor the UK Financial Services Authority) from 2009-2014.  From 1980-2004, he worked in a range of industry roles in North America and Europe spanning consumer to investment banking lastly as Managing Director and Citigroup’s Senior Corporate Finance Officer for the United Kingdom.  From 2015-2018, he was a non-executive member of Seven Investment Management’s Asset Allocation Committee.

Pete received a PhD in Finance from City University of London’s Cass Business School, an MBA from New York University’s Graduate School of Business Administration, and a BA from Drew University.   In addition to teaching qualifications, he completed the US General Securities Representative Exam (NASD/FINRA Registered Representative) and the former UK Corporate Finance (SFA) Qualification.

Jane McAndry (Member)

Jane qualified as a Scottish solicitor and was a lecturer in law before moving to the Isle of Man in 1987.  Following a number of years in legal practice, she was appointed as a director of an Isle of Man Corporate and Trust Service Provider before joining the then Financial Supervision Commission as Head of Companies and later Head of the Policy and Legal Unit.  Subsequently, Jane was employed by the Fiera Capital Group (previously the Charlemagne Capital Group) where she held a number of roles, including acting as director and company secretary of AIM quoted Charlemagne Capital Limited.


Jane was closely involved in the establishment of the Association of Corporate Service Providers and is a Member of the Institute of Directors and the Institute of Management.  She was also a Governor of King William’s College and The Buchan School for a number of years.

Leam Thompson (Member)

Leam was called to the Bar of England and Wales in 1997.  Since 1999, Leam has worked for the United Nations Office on Drugs and Crime, a number of UK Government regulatory and enforcement authorities, global accounting networks and various foreign governments on recovering the Proceeds of Crime.  

Leam’s working life began with secondments from Chambers to the Securities & Futures Authority (forerunner to the UK’s Financial Conduct Authority), before moving on to the Central Confiscation Branch of the Criminal Prosecution Service, the Asset Recovery Unit of HM Revenue & Customs, wider public and private sector engagements in Europe and Eastern and Southern Africa, culminating in her current role on the Department for International Development-funded Strengthening Uganda’s Anti-Corruption and Accountability Regime (“SUGAR”) Technical Advisory Facility, where she is leading the asset recovery intervention.

Mark Waterhouse (Member)

Mark was appointed in November 2015.  He has held a number of key positions in banking including Managing Director of Halifax International (Isle of Man) Limited and Managing Director of Halifax International Limited in Jersey. He is currently Non Executive Director of ZBI Limited, which was formerly Zurich Bank International Limited. Mark was CEO of this bank until 2017.

Since moving to the Isle of Man in 1997 Mark has been an active member of the Isle of Man Bankers Association and until October 2015 held its Presidency, a position he held for nearly five years, having previously held the same position in 2000. He was also President of the Isle of Man Centre of the London Institute of Banking & Finance until July 2019 and is a Fellow of the Institute of Directors and currently serves on the Committee of its local branch in the Isle of Man.

Paul Wright (Member)

Paul was previously a Member of the Isle of Man Financial Supervision Commission, having been appointed in May 2012.  He was appointed to the Financial Services Authority in November 2015.  Paul spent most of his career with the Bank of England where, among other roles, he had supervisory responsibility for global institutions.  He was alternate Executive Director at the IMF in the early 1990s.  He worked in the UK Financial Services Authority for ten years from its creation in 1998, where he oversaw supervision of the major overseas institutions in the UK and subsequently had responsibility for global and EU strategy.  Until 2012 Paul was Senior Director at the Institute of International Finance in Washington DC.  Paul was the CSFI/Swiss Re fellow in global insurance issues and currently advises a number of supervisory bodies on supervisory practice internationally.


The direct interests of Members in entities which are overseen by the Authority, and which are required to be published under the Code of Conduct, can be found here.